Bank Repos on the Rise in 26 States

Bank Repos on the Rise in 26 States

Daily Real Estate News |
Sunday, May 18, 2014

RealtyTrac reports in its U.S. Foreclosure Market Report for April that foreclosure filings dropped 1 percent over the previous month. Despite the decrease, bank repossessions rose 4 percent that same month.

The number of bank repossessions rose from the previous month in 26 states, and 16 states posted increases over the past year. The following states posted the largest year-over-year increases in bank repossessions:

New York: +142% year-over-year

Oregon: +91%

New Jersey: +58%

Illinois: +55%

Indiana: +52%

Maryland: +45%

Connecticut: +44%

California: +27%

Nevada: +15%

“The rise in bank repossessions in many states is a sign that those markets are working through the final remnants of foreclosures left over from the recent housing crisis,” says Daren Blomquist, vice president at RealtyTrac. “Many of these bank-owned homes are bottom-of-the-barrel properties in terms of location or condition, but they will provide much-wanted inventory of homes for sale in some markets in the coming months. Investors and other buyers willing to do more extensive rehab will likely be best-suited for these upcoming REOs.”